SATS Ltd - Take a breather | I3investor

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SATS Ltd - Take a breather

StockFanatic

Publish date: Wed, 01 Jul 2015, 04:33 PM

SATS is trading at a 52-week high, and its valuation is near its peak of +1s.d. of its historical valuations or 19x forward P/E. This last occurred during the pre-GFC boom in 2008 and yield stocks craze in 2013. We believe news of higher volume growth and cost savings has been fully-priced in. Downgrade from add to Hold.

We cut FY16-17 EPS by -1% on lower margin estimates but offset by slightly higher revenue for SATS's increased market share in Singapore and Japan. We now value SATS based on blended 17x CY16 P/E and DCF, (WACC: 7.6%) to reflect steady earnings growth. Our previous valuation was solely based on 17x CY16 P/E.

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